With my recent pick up of a prestine SSBP GSR, I've started to freak out a bit about the theft topic. I am in central PA which I've been told I shouldn't let it even bother me because it's highly unlikely in this area and home is in Maine so that is the same story.

What if:

The car gets stolen and recovered with no damage or missing components?

Does it automatically get a theft recovery salvage title?

Does this mean the insurance company is going to pay me off as if the car was totaled?

Do I have to pay my $1,000 deductable, only to get whatever repaired and I'm stuck with a theft recovery/salvage title car that's no longer worth what it was?

How does this all work? I don't really care if it gets stolen as long as I either get the value of the car and move on, or get whatever fixed with OUT getting that damn theft recovery salvage title and be stuck with the car...

 

think it depends on state law where as most are if its stolen and eventually found its a theft recovery no matter. insurance will pay you off minus any deductibles but look out for i have more than book value in a car and if it were to happen they only give book value and probably wont replace the performance or aftermarket need to talk with agent on that... ie book value kbb kelly blue book, nada national auto dealers association, or others suitable for your area.

 

Repairs following theft are just like any other repairs, except you'll have to also pay the salvage yard for the time your car spends on the lot. Some ins. companies are better about this part than others. For me, I paid the deductible ($500 or so) and then the ins. company paid the junkyard fees and the rest of the repairs on my car (steering column fix and interior work where it was vandalized). Many companies will not cover aftermarket parts, but I did get money for some missing items like stereo, tools, and spare tire. Of course, if the damages exceeded the value of the car, the insurance company would call it totaled and I would've had to pay the excess on the value of the car to make additional repairs.

Now my car has a salvage title, but IMO it won't affect the value much. My car is clean in every other way and I think I could get what I wanted for it even with the 'bad' title. It's not like it was wrecked. But just keep your car safe and you don't have to worry about it, though. Honesly, though, if it does get stolen there's a 95% chance it'll either never appear again, or be totalled when it's recovered. I'm one of the really lucky ones.

 

what do you have to do if you buy a car with a salvage certificate? can they just send the certificate to you and you will pretty much have the title or what im not sure how that works

 

This happened to me...

I held the title to a ca'R'.
I had a loan on the car.
My car was wrecked, by my kid.
The body shop wrote up a repair estimate.
The insurance company said that the repairs exceeded 75% of the value of the car.
I told the insurance company that I wanted to buy the car back.
The insurance company tried to low-ball me.
I asked them to find 2 cars in similar condition (prior to the wreck) that were for sale for the price that was offered me.
They couldn't and they raised the value.
I paid my deductible and the insurance company paid off the bank.
I towed my car home.
I completed the repair work before the license plate expired.
I gave the (same) insurance company repair photos and receipts.
The insurance company gave me a new full coverage policy.
I 'gifted' the car to my daughter.
She had the emmissions and state inspection done to get new plates.
She received a clean title.

Note...the wrecked car's title never was transferred to a junk yard, because I became my own junkyard and the repairs were made before the existing license plate expired.

 

so your daughter got a free R? lucky her

 

no, it doesn't automatically get a salvage title. it will if it gets totalled, but if the insurance co decides to repair it then the title will stay clean. totalling the car means that the insurance co bought the car from you and paid you for it at its regular value, minus your deductible.